How to Keep Customer Trust in the Age of Large-Scale Data Breaches

In the age of digital connectivity, social media, two-day free shipping, and online personas, data is king. But with the ease of access to sites and platforms, and free promotion and services, comes the harsh reality of security risks.

In the last two years the whole world has seen just how easy it is for data to be mined, stolen, and redirected to create confusion and disarray, not to mention cause relationships between provider and consumer to break. Probably the most notable of data breaches comes with Facebook’s failure to protect its users’ information against online hackers in a massive online security fiasco that has caused the social media titan to lose users as well as trust.

Now, everyone from digital media platforms to search engines to financial institutions are having to regroup on how to better keep data and information of their users safe and sound.

Safe & Sound

Companies can try to minimize the negative fallout of a data breach on customer relations. Transparency and communication are now the most important pillars for any company when trying to regain and create a new level of trust with the general public. Now, more than ever, people are wanting to know just exactly how a company will not only keep them safe from data security threats, but also how they will respond to suspects who infiltrate their systems.

Customers want to know that a company will take care of an issue if it happens as well as try hard to prevent something from occurring. Consumers will typically give people the benefit of the doubt knowing that breaches do happen, and can even be expected in the age of digital dependency.

Plan Ahead

Companies can take precaution by creating a foundation of trust from within. Essentially, pre-breach is just as important as post-breach. It’s important to have threat response systems and content control (i.e. knowing what kind of information is vulnerable). Combined, this will allow a company to make accurate decisions.

Within a company—be it a social media company, a bank—departments need to openly communicate so that a breach is reported well. And another way in which companies can not only protect their customers’ information, but their own, and provide a showing of trust in operations, is by investing in local cyber security insurance, such as Carmel cyber liability insurance. In today’s digital landscape, this kind of protection should be in a company’s DNA.

Until It’s Too Late

People typically aren’t concerned with data security until a breach occurs, not before. Most consumers aren’t fully aware and don’t fully understand the value of having data security and take advantage of this by keeping important and vital personal information online. With this in mind, companies need to understand the level of trust that needs to be instilled, which is one-sided and unrelenting.

About Walker & Associates

If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.